Among the following situations, which one is least likely to apply to a monopolistically competitive firm?
a. profit is positive in the short run
b. total cost exceeds total revenue in the short run
c. profit is positive in the long run
d. total revenue equals total cost in the long run
c
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Mamihlapinatapai is a one-word summary of the volunteer's dilemma from
A) Buddhist monks in Thailand. B) ancient Hawaii. C) the Maasai tribe of Tanzania. D) the Yaghan Indians.
The figure above shows the U.S. supply of labor curve. What was the affect of the decline in birth rates during the 1960s and 1970s on the supply of labor curve in the 1980s?
A) a rightward shift of the supply of labor curve B) the supply of labor curve became steeper C) a movement downward along the supply of labor curve from a point such as A to a point such as B D) a leftward shift of the supply of labor curve E) None of the above answers is correct because there was no change in the supply of labor curve.
We would expect that a rise in labor supply will have a proportionately larger effect on the market wage rate when
A) the demand for labor is unitary elastic. B) the demand for labor is inelastic. C) the supply for labor is elastic. D) the demand for labor is elastic.
Given the scenario described, if the market price of hammers increased from $6 to $8:
Assume there are three hardware stores, each willing to sell one standard model hammer in a given time period. House Depot can offer their hammer for a minimum of $7. Lace Hardware can offer the hammer for a minimum of $10. Bob's Hardware store can offer the hammer at a minimum price of $13. A. producer participation in the market would increase. B. producer participation in the market would decrease. C. producer participation in the market would remain unchanged. D. total producer surplus would increase by $2.